Bonhill downgrades FY profit, revenue guidance

The group now expects revenues of around £14.5m and an EBITDA loss of £0.6m for the year to 31 December 2022. This is down from previous guidance for revenues of £15m and an EBITDA loss of £0.35m.

"Following weeks of political and economic uncertainty, particularly in the UK, the company has seen a further softening in its markets and a reluctance by some clients to release further marketing spend in FY2022, in particular, around COP 27, which takes place from 6 to 18 November 2022," it said.

"The board is however pleased with recent progress in the US at its InvestmentNews subsidiary, where there has been a stabilisation in both forward bookings and general trading."

The company - which announced early last month that it was launching a formal sale process - said it has been pleased by the strong level of interest received from a range of potential buyers of either the group in its entirety or distinct parts of it.

It added that there can be no certainty any offers will be made, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made.

At 1225 GMT, the shares were down 12.8% at 3.27p.

Bonhill is a B2B media business specialising in financial services providing media, events and data & analytics.